Avalon Rare Metals Hits Year High on Analyst Rating

Reuters reports that shares of Avalon Rare Metals (TSX:AVL) were up more than 9 percent after Mackie Research initiated coverage on the rare earth exploration company with a “speculative buy” rating.

The market news is quoted as saying:

Mackie Research analyst Matt Gowing said he sees Avalon as undervalued and set a C$10.50 target price for its shares.

They hit a year high of C$8.29 on the Toronto Stock Exchange on Thursday before retreating to C$8.11. They have risen more than 140 percent in the past six months.

Click here to access the entire market news.